Gold Price Rises In India: Gold has reached the seventh sky, will the price cross Rs 1 lakh? Know what is the opinion of experts

Gold Price Rises In India: According to the IBJA website, so far this year, gold has become costlier by Rs 12,288. On January 1, 2024, gold was at Rs 63,352, which has now reached Rs 75,640 per 10 grams.

Gold Price Hike in India: According to the IBJA website, so far this year, gold has become costlier by Rs 12,288.

Gold prices are skyrocketing in markets around the world. At the same time, the festive and wedding season is going to come soon in India. Before which the price of gold has increased a lot. Along with the international market, the price of gold has reached record levels in the domestic market as well. Last week, on September 26, the price of gold in the international market (Gold Price Change) reached $ 2685.42 per ounce, while in the domestic market, the rate of gold on MCX reached Rs 75,750 per 10 grams. So far this year, gold prices in the international market (International Gold Price) have seen an increase of 30 percent. 

In such a situation, with the ever-increasing demand for gold, it is being estimated how much further the price of gold is going to go in the coming times... Will the price of gold increase further? Is gold going to cross Rs 1 lakh this year? Let's find out...

Gold has become costlier by Rs 1,547 per 10 grams in the last one week

If we talk about the last one week, during this period the price of gold (Gold Rate in India) has increased by Rs 1,547. According to the website of India Bullion and Jewelers Association (IBJA), the price of gold on September 21 was Rs 74,093 per 10 grams, which reached Rs 75,640 per 10 grams on September 28.

So far this year, the price of gold has increased by Rs 12,288 per 10 grams

On the other hand, if we talk about the last one year, then according to the website of IBJA, so far this year gold has become costlier by Rs 12,288. On January 1, 2024, gold was at Rs 63,352, which has now reached Rs 75,640 per 10 grams.

Reasons for increase in gold prices (Why Gold Rate is increasing in India)

The reason for the continuous increase in the price of gold is believed to be the reduction in interest rates by the US Federal Reserve. Because this has weakened the dollar and its effect is being seen on the price of gold. At the same time, central banks around the world have been continuously buying gold for the last few months. Apart from this, the war situation in the Middle East, the increasing tensions between Israel and Lebanon (Israeli–Lebanese conflict) and the increase in safe-haven demand due to global instability have led to a rise in gold prices.

Will gold prices cross Rs 1 lakh? (Will Gold Rate increase in coming days)

Experts believe that gold prices may see further rise in the coming days. Some experts estimate that the price of gold may even cross the level of Rs 1 lakh in the coming years.

According to Ajay Kedia, Director of Kedia Advisory, given the increasing tension in the Middle East, it is estimated that by the end of 2024, gold may reach around Rs 1 lakh. 

According to experts, unless there is a big jump in the US dollar or the geopolitical tensions do not reduce, there will be a possibility of rise in gold prices.